Ease of Doing Business in Ukraine

Topics

DB 2016 Rank

DB 2015 Rank

Change in Rank

Starting a Business

30

70

40

Dealing with Construction Permits

140

139

­1

Getting Electricity

137

138

1

Registering Property

61

64

3

Getting Credit

19

17

­2

Protecting Minority Investors

88

87

­1

Paying Taxes

107

106

­1

Trading Across Borders

109

109

No change

Enforcing Contracts

98

98

No change

Resolving Insolvency

141

141

No change

Topics

DB 2016 DTF (% points)

DB 2015 DTF (% points)

Change in DTF (% points)

Starting a Business

93.88

87.35

6.53

Dealing with Construction Permits

61.36

61.34

0.02

Getting Electricity

54.84

54.57

0.27

Registering Property

69.44

69.03

0.41

Getting Credit

75.00

75.00

No change

Protecting Minority Investors

53.33

53.33

No change

Paying Taxes

70.69

70.43

0.26

Trading Across Borders

63.72

63.81

­0.09

Enforcing Contracts

57.11

57.11

No change

Resolving Insolvency

31.05

31.17

­0.12

 

Starting a Business

DB 2016 RANK

30

DB 2015 RANK

70

CHANGE IN RANK

40

DB 2016 DTF (% POINTS)

93.88

DB 2015 DTF (% POINTS)

87.35

CHANGE IN DTF (% POINTS)

6.53

 

Indicator

Ukraine

Europe & Central Asia

OECD high income

Procedures (number)

4

4.7

4.7

Time (days)

7.0

10.0

8.3

Cost (% of income per capita)

0.6

4.8

3.2

Paid­in min. capital (% of income per capita)

0.0

3.8

9.6

No. Procedure

Time to Complete

Associated Costs

1

Register at the Registration Office

3 days

no charge

2

Prepare a seal

1 day

UAH 190­250, depending on the complexity of a seal

3

Open a permanent bank account

1 day

no charge

4

Register VAT at the State Tax Authority and obtain a VAT number

2 days

free of charge

 

DB 2016 DTF (% POINTS)

61.36

DB 2015 DTF (% POINTS)

61.34

CHANGE IN DTF (% POINTS)

0.02

Indicator

Ukraine

Europe & Central Asia

OECD high income

Procedures (number)

10

15.9

12.4

Time (days)

67.0

176.3

152.1

Cost (% of warehouse value)

15.2

4.4

1.7

Building quality control index (0­15)

8.0

11.2

11.4

No. Procedure

Time to Complete

Associated Costs

1

Request and obtain technical conditions from water and sewage authority

21 days

UAH 2,895

* 2

Request and obtain technical terms and conditions on fire safety from the State Service of Ukraine for Emergency Situations

19 days

no charge

* 3

Request and obtain urban planning specifications and requirements for land plot development

9 days

no charge

* 4

Pay contribution to the city social and engineering­transport infrastructure

1 day

UAH 181,226

* 5

Hire a technical supervision firm/engineer

1 day

UAH 90,613

6

Submit declaration of the beginning of construction works

7 days

no charge

7

Request and connect to water and sewage services

4 days

UAH 700

8

Prepare and submit declaration of readiness to operate the constructed warehouse to the State Inspection of Architectural and Building Control

14 days

no charge

9

Obtain a postal address for the newly constructed building

14 days

no charge

10

Register the warehouse with the Registration Service of the Chief Department of Justice in the City of Kyiv

7 days

UAH 239

DB 2016 DTF (% POINTS)

54.84

DB 2015 DTF (% POINTS)

54.57

CHANGE IN DTF (% POINTS)

0.27

Indicator

Ukraine

Europe & Central Asia

OECD high income

Procedures (number)

5

5.7

4.8

Time (days)

263.0

118.5

77.7

Cost (% of income per capita)

795.3

440.2

65.1

Reliability of supply and transparency of tariff index (0­8)

5.0

4.7

7.2

No. Procedure

Time to Complete

Associated Costs

1

Submit application to Kievenergo and await technical conditions

15 calendar days

UAH 0

2

Await project design of external connection by private firm and its approval

90 calendar days

UAH 39,950

3

Await completion of external connection works

120 calendar days

UAH 248,324

4

Conclude supply contract with Kievenergo (Energosbyt)

20 calendar days

UAH 0

5 Request and receive turn­on of power by Kievenergo 18 calendar days

Registering Property

DB 2016 RANK

61

DB 2015 RANK

64

CHANGE IN RANK

3

DB 2016 DTF (% POINTS)

69.44

DB 2015 DTF (% POINTS)

69.03

CHANGE IN DTF (% POINTS)

0.41

Indicator

Ukraine

Europe & Central Asia

OECD high income

Procedures (number)

7

5.4

4.7

Time (days)

23.0

22.0

21.8

Cost (% of property value)

2.0

2.6

4.2

Quality of the land administration index (0­ 30)

15.5

19.4

22.7

No. Procedure

Time to Complete

Associated Costs

1

Assess the price of the land

10 days

UAH 1,000

2

Obtain the extract from the State Center of the Land Cadastre

10 days

UAH 68

3

Notary registers ownership rights for seller in the new State Register of Property Rights to Immovable Property

Less than a day (online procedure)

UAH 1500 notary feeUAH 120 for the initial registration of the land in the new registry of ownership rightsUAH 120 for the initial registration of the warehouse

4

Obtain the extract from the State Register of Encumbrances over movable property

Less than a day (online procedure)

UAH 34

5

Check for encumbrances at the State Registry of Property Rights on Immovable Property

Less than a days (online; simultaneous with procedures 6

& 7)

UAH 51 for the Seller’s LLCUAH 51 for checking against encumbrances on landUAH 51 for checking against encumbrances on warehouse

* 6

Prepare and notarize the sale agreement (land and building)

1 day (simultaneous with procedures 5

& 7)

Notary fee for the land (paid by the buyer): UAH 1,500Notary fee for the warehouse (paid by the buyer): UAH 1,5001% of the value of the land1% of the value of the warehouse1% of the value of the warehouse (NOT THE LAND, only the building) for the pension fund contribution.

7 Notary registers

Buyer’s ownership rights on the property

Less than a day (online procedure;

Notary fee: UAH 1,500UAH 730.8 administrative fee for the land ownership transfer (adminsbor)UAH 730.8 administrative fee for the warehouse ownership transfer

in the Register of Property Rights

simultaneous with procedures 5 & 6

(adminsbor) UAH 120 (land) registration feeUAH 120 (warehouse) registration fee.

* Takes place simultaneously with another procedure.

Getting Credit

DB 2016 RANK

19

DB 2015 RANK

17

CHANGE IN RANK

­2

DB 2016 DTF (% POINTS)

75.00

DB 2015 DTF (% POINTS)

75.00

CHANGE IN DTF (% POINTS)

0.00

Indicator

Ukraine

Europe & Central Asia

OECD high income

Strength of legal rights index (0­12)

8.0

6.2

6.0

Depth of credit information index (0­8)

7.0

6.3

6.5

Credit registry coverage (% of adults)

0.0

23.8

11.9

Credit bureau coverage (% of adults)

36.7

37.4

66.7

Strength of legal rights index (0­12)

Does an integrated or unified legal framework for secured transactions that extends to the No creation, publicity and enforcement of functional equivalents to security interests in movable

assets exist in the economy?

Does the law allow businesses to grant a non possessory security right in a single category of movable assets, without requiring a specific description of collateral?

Yes

Does the law allow businesses to grant a non possessory security right in substantially all of its assets, without requiring a specific description of collateral?

Yes

May a security right extend to future or after­acquired assets, and may it extend automatically to the products, proceeds or replacements of the original assets?

Yes

Is a general description of debts and obligations permitted in collateral agreements; can all types of debts and obligations be secured between parties; and can the collateral agreement include a maximum amount for which the assets are encumbered?

Yes

Is a collateral registry in operation for both incorporated and non­incorporated entities, that is unified geographically and by asset type, with an electronic database indexed by debtor’s name?

Yes

Does a notice­based collateral registry exist in which all functional equivalents can be registered? No

Does a modern collateral registry exist in which registrations, amendments, cancellations and No searches can be performed online by any interested third party?

Are secured creditors paid first (i.e. before tax claims and employee claims) when a debtor defaults outside an insolvency procedure?

Yes

Are secured creditors paid first (i.e. before tax claims and employee claims) when a business is liquidated?

Yes

Are secured creditors subject to an automatic stay on enforcement when a debtor enters a court­ No supervised reorganization procedure? Does the law protect secured creditors’ rights by providing

clear grounds for relief from the stay and/or sets a time limit for it?

Does the law allow parties to agree on out of court enforcement at the time a security interest is created? Does the law allow the secured creditor to sell the collateral through public auction and private tender, as well as, for the secured creditor to keep the asset in satisfaction of the debt?

Yes

Score (number of “yes” responses) 8.00

Depth of credit information index (0­8)

Credit bureau

Credit registry

Score

Are data on both firms and individuals distributed?

Yes

No

1

Are both positive and negative credit data distributed?

Yes

No

1

Are data from retailers or utility companies ­ in addition to data from banks and financial institutions ­ distributed?

No

No

0

Are at least 2 years of historical data distributed? (Credit bureaus and registries that distribute more than 10 years of negative data or erase data on defaults as soon as they are repaid obtain a score of 0 for this component.)

Yes

No

1

Are data on loan amounts below 1% of income per capita distributed?

Yes

No

1

By law, do borrowers have the right to access their data in the credit bureau or credit registry?

Yes

No

1

Can banks and financial institutions access borrowers’ credit information online (for example, through an online platform, a system­to­system connection or both)?

Yes

No

1

Are bureau or registry credit scores offered as a value­added service to help banks and financial institutions assess the creditworthiness of borrowers?

Yes

No

1

Score (“yes” to either public bureau or private registry) 7.00

Coverage

Credit bureau

Credit registry

Number of individuals

11,600,000

0

Number of firms

120,000

0

Total

11,720,000

0.00

Percentage of adult population

36.70

0.00

Protecting Minority Investors

DB 2016 RANK

88

DB 2015 RANK

87

CHANGE IN RANK

­1

DB 2016 DTF (% POINTS)

53.33

DB 2015 DTF (% POINTS)

53.33

CHANGE IN DTF (% POINTS)

0.00

Indicator

Ukraine

Europe & Central Asia

OECD high income

Strength of minority investor protection index (0­10)

5.3

6.2

6.4

Extent of conflict of interest regulation index (0­10)

4.0

6.1

6.3

Extent of disclosure index (0­10)

4.0

6.7

6.4

Extent of director liability index (0­10)

2.0

4.9

5.4

Ease of shareholder suits index (0­10)

6.0

6.7

7.2

Extent of shareholder governance index (0­ 10)

6.7

6.3

6.4

Extent of shareholder rights index (0­10)

7.0

7.2

7.3

Extent of ownership and control index (0­10)

4.0

5.5

5.6

Extent of corporate transparency index (0­ 10)

9.0 6.1 6.4

Answer

Score

Extent of conflict of interest regulation index (0­10)

4.0

Extent of disclosure index (0­10)

4.0

Which corporate body can provide legally sufficient approval for the Buyer­Seller transaction? (0­3)

Shareholders or board of directors including interested parties

1.0

Is disclosure by the interested director to the board of directors required? (0­2)

Full disclosure of all material facts

2.0

Is disclosure of the transaction in published periodic filings (annual reports) required? (0­2)

Disclosure on the transaction only

1.0

Is immediate disclosure of the transaction to the public and/or shareholders required? (0­2)

No disclosure obligation

0.0

Must an external body review the terms of the transaction before it takes place? (0­1)

No

0.0

Extent of director liability index (0­10)

2.0

Can shareholders sue directly or derivatively for the damage caused by the Buyer­Seller transaction to the company? (0­1)

Yes

1.0

Can shareholders hold the interested director liable for the

Not liable

0.0

damage caused by the transaction to the company? (0­2)

Can shareholders hold members of the approving body liable for the damage cause by the transaction to the company? (0­2)

Liable if negligent

1.0

Must the interested director pay damages for the harm caused to the company upon a successful claim by a shareholder plaintiff? (0­1)

No

0.0

Must the interested director repay profits made from the transaction upon a successful claim by a shareholder plaintiff? (0­1)

No

0.0

Is the interested director fined and imprisoned or disqualified upon a successful claim by the shareholder plaintiff? (0­1)

No

0.0

Can a court void the transaction upon a successful claim by a shareholder plaintiff? (0­2)

Only in case of fraud or bad faith

0.0

Ease of shareholder suits index (0­10)

6.0

Before filing suit, can shareholders owning 10% of the company’s share capital inspect the transaction documents? (0­ 1)

No

0.0

Can the plaintiff obtain any documents from the defendant and witnesses during trial? (0­3)

No

3.0

Can the plaintiff request categories of documents from the defendant without identifying specific ones? (0­1)

No

0.0

Can the plaintiff directly question the defendant and witnesses during trial? (0­2)

Yes

2.0

Is the level of proof required for civil suits lower than that of criminal cases? (0­1)

No

0.0

Can shareholder plaintiffs recover their legal expenses from the company? (0­2)

Yes if successful

1.0

Extent of shareholder governance index (0­10)

6.7

Extent of shareholder rights index (0­10)

7.0

Does the sale of 51% of Buyer’s assets require shareholder approval?

Yes

1.0

Can shareholders representing 10% of Buyer’s share capital call for an extraordinary meeting of shareholders?

Yes

1.0

Must Buyer obtain its shareholders’ approval every time it issues new shares?

Yes

1.0

Do shareholders automatically receive preemption rights every time Buyer issues new shares?

No

0.0

Must shareholders approve the election and dismissal of the external auditor?

No

0.0

Must changes to the voting rights of a class of shares be approved only by the holders of the affected shares?

Yes

1.0

Assuming that Buyer is a limited company, does the sale of 51% of Buyer’s assets requires shareholder approval?

No

0.0

Assuming that Buyer is a limited company, can shareholders representing 10% of Buyer’s share capital call for an extraordinary meeting of shareholders?

Yes

1.0

Assuming that Buyer is a limited company, must Buyer obtain its shareholders’ approval every time it issues new shares?

Yes

1.0

Assuming that Buyer is a limited company, do shareholders automatically receive preemption rights every time Buyer issues new shares?

Yes

1.0

Extent of ownership and control index (0­10)

4.0

Is the CEO prohibited from also being chair of the board of directors?

Yes

1.0

Must the board of directors include independent and nonexecutive board members?

No

0.0

Can shareholders remove members of Buyer’s board of directors without cause before the end of their term?

Yes

1.0

Must Buyer’s board of directors include a separate audit committee?

No

0.0

Must a potential acquirer make a tender offer to all shareholders upon acquiring 50% of Buyer?

No

0.0

Must Buyer pay dividends within a maximum period set by law after the declaration date?

Yes

1.0

Is a subsidiary prohibited from acquiring shares issued by its parent company?

No

0.0

Assuming that Buyer is a limited company, can shareholders remove members of Buyer’s board of directors without cause before the end of their term?

Yes

1.0

Assuming that Buyer is a limited company, must a potential acquirer make a tender offer to all shareholders upon acquiring 50% of Buyer?

No

0.0

Assuming that Buyer is a limited company, must Buyer pay dividends within a maximum period set by law after the declaration date?

No

0.0

Extent of corporate transparency index (0­10)

9.0

Must Buyer disclose direct and indirect beneficial ownership stakes representing 5%?

Yes

1.0

Must Buyer disclose information about board members’ other directorships as well as basic information on their primary employment?

Yes

1.0

Must Buyer disclose the compensation of individual managers?

Yes

1.0

Must a detailed notice of general meeting be sent 30 days before the meeting?

Yes

1.0

Can shareholders representing 5% of Buyer’s share capital put items on the agenda for the general meeting?

Yes

1.0

Must Buyer’s annual financial statements be audited by an external auditor?

Yes

1.0

Must Buyer disclose its audit reports to the public?

Yes

1.0

Assuming that Buyer is a limited company, must a detailed notice of general meeting be sent 30 days before the meeting?

Yes

1.0

Assuming that Buyer is a limited company, can shareholders representing 5% of Buyer’s share capital put items on the agenda for the general meeting?

Yes

1.0

Assuming that Buyer is a limited company, must Buyer’s annual financial statements be audited by an external auditor?

No

0.0

Paying Taxes

DB 2016 RANK

107

DB 2015 RANK

106

CHANGE IN RANK

­1

DB 2016 DTF (% POINTS)

70.69

DB 2015 DTF (% POINTS)

70.43

CHANGE IN DTF (% POINTS)

0.26

Indicator

Ukraine

Europe & Central Asia

OECD high income

Payments (number per year)

5.0

19.2

11.1

Time (hours per year)

350.0

232.7

176.6

Total tax rate (% of profit)

52.2

34.8

41.2

Profit tax (% of profit)

9.0

10.8

14.9

Labor tax and contributions (% of profit)

43.1

20.4

24.1

Other taxes (% of profit)

0.1

3.1

1.7

Tax or mandatory contribution

Payments (number)

Notes on Payments

Time (hours)

Statutory tax rate

Tax base

Total tax

rate (% of profit)

Notes on TTR

Unified Social Contribution

1

online

100

38.19%

gross salaries

43.08

Corporate income tax

1

online

100

18%

taxable profit

9.03

Land tax

1

online

various rates

land area and value

0.07

Environmental taxes

1

online

various rates

ton of waste

0.01

Employee paid ­ Social security contributions

0

online and jointly

3.6%

gross salaries

0.00

withheld

Military contribution

0

online and jointly

1.5%

personal income

0.00

withheld

Value added tax (VAT)

1

online

150

20%

value added

0.00

not included

Totals:

5.00

350.00

52.2

Trading Across Borders

DB 2016 RANK 109

DB 2015 RANK

109

CHANGE IN RANK

0

DB 2016 DTF (% 63.72

POINTS)

DB 2015 DTF (% POINTS)

63.81

CHANGE IN DTF (% POINTS)

­0.09

Indicator

Ukraine

Europe & Central Asia

OECD high income

Time to export: Border compliance (hours)

26

28

15

Cost to export: Border compliance (USD)

75

219

160

Time to export: Documentary compliance (hours)

96

31

5

Cost to export: Documentary compliance (USD)

292

144

36

Time to import: Border compliance (hours)

52

23

9

Cost to import: Border compliance (USD)

100

202

123

Time to import: Documentary compliance (hours)

168

27

4

Cost to import: Documentary compliance (USD)

292

108

25

Characteristics

Export

Import

Product

HS 72: Iron and steel

HS 8708: Parts and accessories

of motor vehicles

Trade partner

Russian Federation

Russian Federation

Border

Sumy Oblast border crossing

Sumy Oblast border crossing

Distance (km)

335

335

Domestic transport time (hours)

5

5

Domestic transport cost (USD)

300

300

Domestic transport speed (km/hour)

67.0

67.0

Domestic transport cost per distance (USD/km)

0.9

0.9

Export documents

Import documents

Act of loading Certificate of origin Certificate of quality

Compliance certificate on auto parts (Specification of the product)

Contract (sale­purchase)

CMR waybill Commercial invoice Contract VED

Export declaration with bank stamp Packing list

Radiology certificate

Sanitary and Epidemiological clearance Technical conditions

Import declaration Packing list

Preliminary import declaration Specification of the product Transit document (T1)

Verification from the State Service of Export Control of Ukraine on the auto­parts

Enforcing Contracts

DB 2016 RANK

98

DB 2015 RANK

98

CHANGE IN RANK

0

DB 2016 DTF (% POINTS)

57.11

DB 2015 DTF (% POINTS)

57.11

CHANGE IN DTF (% POINTS)

0.00

Indicator

Ukraine

Europe & Central Asia

OECD high income

Time (days)

378.0

480.7

538.3

Cost (% of claim)

46.3

26.2

21.1

Quality of judicial processes index (0­18)

8.0 10.5 11.0

Indicator

Time (days) 378

Filing and service

48.0

Trial and judgment

150.0

Enforcement of judgment

180.0

Cost (% of claim)

46.3

Attorney fees

25.0

Court fees

9.9

Enforcement fees

11.4

Quality of judicial processes index (0­18)

8

Court structure and proceedings (0­5)

3.5

Case management (0­6)

2.0

Court automation (0­4)

1.0

Alternative dispute resolution (0­3)

1.5

Answer

Score

Quality of judicial processes index (0­18)

8.0

Court structure and proceedings (0­5)

3.5

1. Is there a court or division of a court dedicated solely to hearing commercial cases?

Yes

1.5

2. Small claims court

0.0

2.a. Is there a small claims court or a fast­track procedure for small claims?

No

2.b. If yes, is self­representation allowed?

n.a.

3. Is pretrial attachment available?

Yes

1.0

4. Are new cases assigned randomly to judges?

Yes

1

Case management (0­6) 2.0

1. Time standards

1.0

1.a. Are there laws setting overall time standards for key court events in a civil case?

Yes

1.b. If yes, are the time standards set for at least three court events?

Yes

1.c. Are these time standards respected in more than 50% of cases?

Yes

2. Adjournments

0.0

2.a. Does the law regulate the maximum number of adjournments that can be granted?

No

2.b. Are adjournments limited to unforeseen and exceptional circumstances?

No

2.c. If rules on adjournments exist, are they respected in more than 50% of cases?

n.a.

3. Can two of the following four reports be generated about the competent court: (i) time to disposition report; (ii) clearance rate report; (iii) age of pending cases

report; and (iv) single case progress report?

Yes

1.0

4. Is a pretrial conference among the case management techniques used before the competent court?

No

0.0

5. Are there any electronic case management tools in place within the competent court for use by judges?

No

0.0

6. Are there any electronic case management tools in place within the competent court for use by lawyers?

No

0.0

Court automation (0­4)

1.0

1. Can the initial complaint be filed electronically through a dedicated platform within the competent court?

No

0.0

2. Is it possible to carry out service of process electronically for claims filed before the competent court?

No

0.0

3. Can court fees be paid electronically within the competent court?

No

0.0

4. Publication of judgments

1.0

4.a Are judgments rendered in commercial cases at all levels made available to the general public through publication in official gazettes, in newspapers or on the internet or court website?

Yes

4.b. Are judgments rendered in commercial cases at the appellate and supreme court level made available to the general public through publication in official gazettes, in newspapers or on the internet or court website?

Yes

Alternative dispute resolution (0­3)

1.5

1. Arbitration

1.0

1.a. Is domestic commercial arbitration governed by a consolidated law or consolidated chapter or section of the applicable code of civil procedure encompassing substantially all its aspects?

Yes

1.b. Are there any commercial disputes—aside from those that deal with public order or public policy—that cannot be submitted to arbitration?

Yes

1.c. Are valid arbitration clauses or agreements usually enforced by the courts?

Yes

2. Mediation/Conciliation

0.5

2.a. Is voluntary mediation or conciliation available?

Yes

2.b. Are mediation, conciliation or both governed by a consolidated law or consolidated chapter or section of the applicable code of civil procedure encompassing substantially all their aspects?

No

2.c. Are there financial incentives for parties to attempt mediation or conciliation No (i.e., if mediation or conciliation is successful, a refund of court filing fees, income tax credits or the like)?

Resolving Insolvency

DB 2016 RANK

141

DB 2015 RANK

141

CHANGE IN RANK

0

DB 2016 DTF (% POINTS)

31.05

DB 2015 DTF (% POINTS)

31.17

CHANGE IN DTF (% POINTS)

­0.12

Indicator

Ukraine

Europe & Central Asia

OECD high income

Recovery rate (cents on the dollar)

8.3

38.3

72.3

Time (years)

2.9

2.3

1.7

Cost (% of estate)

42.0

13.2

9.0

Outcome (0 as piecemeal sale and 1 as going concern)

0

0

1

Strength of insolvency framework index (0­16)

8.5

9.7

12.1

Commencement of proceedings index (0­3)

3.0

2.4

2.8

Management of debtor’s assets index (0­6)

4.0

3.9

5.3

Reorganization proceedings index (0­3)

0.5

1.7

1.7

Creditor participation index (0­4)

1.0 1.7 2.2

Answer

Score

Strength of insolvency framework index (0­16)

8.5

Commencement of proceedings index (0­3)

3.0

What procedures are available to a DEBTOR when commencing insolvency proceedings?

(a) Debtor may file for both liquidation and reorganization

1.0

Does the insolvency framework allow a CREDITOR to file for insolvency of the debtor?

(a) Yes, a creditor may file for both liquidation and reorganization

1.0

What basis for commencement of the insolvency proceedings is allowed under the insolvency framework?

(a) Debtor is generally unable to pay its debts as they mature

1.0

Management of debtor’s assets index (0­6)

4.0

Does the insolvency framework allow the continuation of contracts supplying essential goods and services to the debtor?

Yes

1.0

Does the insolvency framework allow the rejection by the debtor of overly burdensome contracts?

Yes

1.0

Does the insolvency framework allow avoidance of preferential transactions?

Yes

1.0

Does the insolvency framework allow avoidance of undervalued transactions?

Yes

1.0

Does the insolvency framework provide for the possibility of the debtor obtaining credit after commencement of insolvency proceedings?

No

0.0

Does the insolvency framework assign priority to post­ commencement credit?

(c) No priority is assigned to post­ commencement creditors

0.0

Reorganization proceedings index (0­3)

0.5

Which creditors vote on the proposed reorganization plan?

(c) Other, please specify

0.5

Does the insolvency framework require that dissenting creditors in reorganization receive at least as much as what they would obtain in a liquidation?

No

0.0

Are the creditors divided into classes for the purposes of voting on the reorganization plan, does each class vote separately and are creditors in the same class treated equally?

No

0.0

Creditor participation index (0­4)

1.0

Does the insolvency framework require approval by the creditors for selection or appointment of the insolvency representative?

No

0.0

Does the insolvency framework require approval by the creditors for sale of substantial assets of the debtor?

No

0.0

Does the insolvency framework provide that a creditor has the right to request information from the insolvency representative?

No

0.0

Does the insolvency framework provide that a creditor has the right to object to decisions accepting or rejecting creditors’ claims?

Yes

1.0

The original article can be found at:Doingbusiness

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